The NAMC monitors food prices at retail level and releases regular authoritative reports. The Department of Agriculture, Forestry and Fisheries (DAFF) established the Food Price Monitoring Committee (FPMC) at the NAMC to track and report food price trends in South Africa; to provide explanations of observed trends and to advise the department on any possible action that could be taken should national and household food security be threatened.
Some highlights in the report include:
- Food and non-alcoholic beverage inflation eased from 3% to 2,9% during February year-on-year (y-o-y), with headline inflation increasing to 4,1%.
- Vegetable and fish price inflation were the highest food inflation contributors with 8,9% and 5,7%, respectively, with meat price inflation decelerating to negative 0,5% (y-o-y) from 0,8%.
- During March 93 and 95 ULP fuel prices increased to R14,62/ℓ (76c/ℓ) and R14,82/ℓ (74c/ℓ) (m-o-m) respectively, with 0,05% diesel increasing to R14,05/ℓ (91c/ℓ) (m-o-m).
- For April fuel prices are predicted to increase by 98c/ℓ for petrol, bringing the cost to R15,80c/ℓ, with diesel expected to increase by 70c/ℓ.
- The main reason for the increase is that the fuel- and Road Accident Fund (RAF) levies are expected to take effect during April and with the Rand weakening against the US$, the increase is a result of rising international product prices.
- During February, the nominal cost of the NAMC’s 28-item urban food basket amounted to R870,19 compared to the R869,89 reported in January, resulting in a monthly percentage increase of 0,03%. In comparison with last February, an annual (y-o-y) percentage increase of 1,2% was reported.